Many people own a space that is just enough for two houses to be built together instead of one. You will be able to get a number of benefits if you use the space in a proper way.
Definition of Dual Occupancy:
A dual occupancy development is meant for the residential property that you own. In this development procedure, you will be able to build two houses instead of just one.
Is It A Wise Investment?
Dual occupancy happens to be quite a good choice when it comes to investment. You will be able to subsidize or reduce the costs that that is incurred for the housing. Dual occupancy development builders can help you to unlock the potential that your property has.
How to Start Developing a Dual Occupancy Project?
Before the dual occupancy development builders start on the project, they need to conduct an analysis of the situation through a computer. The analysis will determine if the project development is feasible, and they also see if there will be any obstacles in the future while planning and implementing. Three important factors must be kept in mind before undertaking the project.
- The Budget
You should draw up a plan with the details of your financial capabilities. You will need to be honest about the amount that you can actually spend on the development project. The finances of the project need to be sorted much earlier before the dual occupancy development builders.
- The Land
You should have the precise measurements of the land that you own. Dual occupancy development builders will check whether the space available is enough for two buildings and they will be able to share their expert opinion on the matter.
- The House
You should exactly know what you want from the project at hand. Things like the number of bathrooms and bedrooms need to be decided with the help of the dual occupancy development builders.
Advantages of Getting a Dual Occupancy:
Dual occupancy can surely prove to be advantageous for the future of your family. After all it is a very sound real estate investment.
- Extra Source Of Income
Dual occupancy development builders can help you to design two great homes where there is just one, so will make good use of the potential of your property. You will be able to get a source of extra income as well. You can let out the houses to a tenant. Instead of a single family paying the rent of the house, you will have two which will lead to increased income.
- Decrease rates
Developing your property into a dual occupancy will result in the increase of the capital value that your property has. You will subdue the costs with your tenant. There will generally be only one set of bills for both the houses. At the same time, you will be able to decrease the costs associated with maintaining the houses. You can simply choose to live in one of the houses while you let a tenant take the other.
- Tax benefits
If you wish to save money through paying less tax, dual occupancy can go a long way. Dual occupancy developments can help you get tax benefits as the tax deductions in this case happen to be greater.
- Constant Source Of Income
You can let both of the houses to tenants. This increases the potential sources of revenue from rentals. If one tenant decides to leave, you will still get the income from the other tenant in the meantime. The source of income will always be there.
- Keep your family together
Instead of giving out of the houses to a tenant, you can also give them to your family members. You can give them to your parents, who would otherwise have to live in distant places. You family members will appreciate the gesture. Moreover, you be able to spend more time with them.
Get your happy home with Dual Occupancy Development Melbourne, give us call for consultation on a dual property development today!!